Kitchen & Dining Furniture - Nigeria

Nigeria

In Nigeria, the revenue generated in the Kitchen & Dining Furniture market reaches US$272.00m in 2024.
It is projected that the market will experience an annual growth rate of 1.25% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States accounts for the highest revenue in this segment, reaching US$38,810m in 2024.
In terms of per capita revenue, in Nigeria, each person generates US$1.19 in 2024.
"The demand for locally-made, handcrafted wooden kitchen and dining furniture is on the rise in Nigeria, reflecting a growing appreciation for traditional craftsmanship."

Key regions: Denmark, United States, France, United Kingdom, Germany

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Analyst Opinion

The Kitchen & Dining Furniture market in Nigeria has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Nigerian customers are increasingly looking for stylish and functional kitchen and dining furniture that can enhance the overall aesthetics of their homes. They are willing to invest in high-quality pieces that are durable and can withstand the rigors of daily use. Additionally, there is a growing demand for furniture that maximizes space utilization, especially in smaller urban dwellings.

Trends in the market: One of the key trends in the Kitchen & Dining Furniture market in Nigeria is the rising popularity of modular and multi-functional furniture. These pieces offer flexibility and versatility, allowing customers to customize their kitchen and dining spaces according to their specific needs. This trend is driven by the need for efficient use of space and the desire for furniture that can adapt to changing lifestyles. Another trend in the market is the increasing preference for eco-friendly and sustainable furniture. Nigerian customers are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from sustainable materials such as bamboo or reclaimed wood. This trend is in line with the global shift towards sustainability and reflects the growing awareness of environmental issues among Nigerian consumers.

Local special circumstances: Nigeria has a large and growing population, with a significant portion of the population being young and urban. This demographic shift has led to increased urbanization and a rise in disposable incomes, driving the demand for modern and stylish kitchen and dining furniture. Additionally, the increasing number of households in Nigeria has also contributed to the growth of the market.

Underlying macroeconomic factors: The Nigerian economy has been experiencing steady growth in recent years, supported by factors such as increasing foreign direct investment, improvements in infrastructure, and favorable government policies. These macroeconomic factors have created a conducive environment for business growth, including the Kitchen & Dining Furniture market. Furthermore, the rise of e-commerce in Nigeria has also played a significant role in the development of the market. Online platforms have made it easier for customers to access a wide range of furniture options and compare prices, driving competition and innovation in the market. In conclusion, the Kitchen & Dining Furniture market in Nigeria is witnessing growth due to changing customer preferences, including the demand for stylish and functional furniture, as well as the increasing popularity of modular and eco-friendly options. The local special circumstances, such as urbanization and rising disposable incomes, are also contributing to the market's development. Additionally, the favorable macroeconomic factors and the emergence of e-commerce have further fueled the growth of the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.